Foremployees inKVÆRNER
Defined Contribution Pensionand Disability Pension in
DNB LIV
This is a brief introduction to the pension scheme Kværner has established for the employees.
Defined Contribution Pension
Kværner pays an annual agreed contribution for each employee. The contributions are placed directly in the employee’s pension account. The total pension capital (contributions + return on investments) is paid as a retirement pension at the age of 67.
The contribution is as follows:
5,5 % of salary between 1 G* (NOK 92,576) and 7,1G (NOK 657.290)
9% of salary between 7,1G (NOK 657.290) and 12 G (NOK 1.110.912)
* G: Basic amount in the National Insurance Scheme = NOK 92.576as of 1. May 2016
Contributions are not paid for salary above 12 G.
Investment options
You decide how the money in your pension account is to be invested. You may choose among several investment profiles with varying proportions of shares. All of our investment profiles are specially customized for pension savings. A higher proportion of shares results in a higher expected return, but is more likely to be affected by fluctuations in the market. A lower proportion of shares results in a lower risk, but also a lower expected return.
Kværner has placed the contribution in“Pensjonsprofil 50”, but you can switch to a different profile at any time (see figure below) at no charge. Switching of profiles takes about 5 days to complete. If you are happy with the placement Kværner has made for you, you do not need to do anything.
The investment profiles are named according to the proportion of equities. “Pensjonsprofil 50”, for example, consists of 50 % equities and is therefore less vulnerable to stock market fluctuations than “Pensjonsprofil 80”.
Asset mix / “Pensjonsprofil 30 / “Pensjonsprofil 50” / “Pensjonsprofil 80”Equities / 30 % / 50 % / 80 %
Bonds / 50 % / 40 % / 20 %
Money Market / 20 % / 10 % / 0 %
Total assets / 100 % / 100 % / 100 %
As an alternative to the profiles described above you can also choose “Pensjonsprofil 10”.
“Pensjonsprofil 10”is mainly for employees who wish to reduce risk as they approach the age of retirement, but the profile can also be an alternative for those who seek less risk.
The proportion of equities in the profiles will be reduced during the last 10 years before retirement and will be 10 % at the age of 67.
Online services
At you can log on to our online services. Here, you can follow the development on your pension account and change your investment profile.
The easiest way to log on is to use “BankID”.
For questions, please contact DNB at tlf 05226
At retirement age
From the age of 62, you may choose when to start your pension payment. You may also choose the number of years the pension is to be disbursed over, but minimum to the age of 77 years If the funds are low, the payment time will be shorter than described. You can choose to take a full or partial retirement, and you can combine the payment with continued work.The pension will be paid monthly, less tax, and comes in addition to the pension from the Norwegian National Insurance Scheme.See more details on the calculation of National Insurance on
Inheritance of capital
In the event of death, the balance in your pension account will be used as a pension for your survivors. Children under 21 have first priority, and an annual children’s pension of up to 1 G will be paid to each child. The remaining capital will be disbursed as pension to your spouse/cohabitant. If you have no children or spouse/ cohabitant, the balance will be paid as a lump sum to the estate.
Disability pension and contribution waiver
Disability Pension
From 2015 the Norwegian National Insurance Scheme (Folketrygden) covers a disability benefit of 66 % of salary up to NOK 555000 (6G). As of January 1, 2016 Aker Solutions has changed the company supplementary disability pension plan to include a coverage of 1 % of salary up to NOK 555000 (6G) and 57 % coverage for salary between NOK 555000 (6G) and NOK 1 110000 (12G). The change will have effect for employees that become disabled from 2016 and onwards. The disability pension coverage for each individual is available by logging on to the DNB pension portal with your BankID.
An additional 10 % of the disability pension is covered for supported children under age 21.
Contribution waiver
A full or partial waiver for payment of pension contributions is granted in the case of full or partial incapacity for work. The contribution waiver means that Vital covers the contributions for members who have been at least 20 % disabled for work for a continuous period of 12 months.The size of the contribution waiver is proportionate to the degree of occupational disability.
If you leave Kværner
If you leave Kværner, you will be withdrawn from the pension scheme. If you have been a member for more than 12 months, you keep the right to the pension capital that has been saved. If you have been a member for a shorter time than this, the capital goes back to the company.
More information?
For more information contact your HR-dept., orcontact
DNBat telephone 05226